Notes to SEFA
This schedule was prepared on the same basis of accounting as the financial statements (see Note 1). For this schedule, Airport Improvement Program (AIP) funds are considered expended when eligible for reimbursement by the Federal Aviation Administration. Eligibility includes having an AIP grant agreement in place specific to the costs incurred, reaching certain project milestones, and other criteria. Federal expenditures reported above that were incurred in fiscal year 2025 totaled $15,354,775. The schedule of expenditures of federal awards for the year ended June 30, 2025 has been subjected to the applicable compliance testing requirements prescribed by the Uniform Guidance. The Authority has not elected to use the 10- percent de minimis cost rate allowed under the Uniform Guidance.